{"id":212,"date":"2006-05-03T13:32:00","date_gmt":"2006-05-03T20:32:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=212"},"modified":"2006-05-03T13:32:00","modified_gmt":"2006-05-03T20:32:00","slug":"ameriquest-cutting-and-running-in-puget-sound","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/05\/03\/ameriquest-cutting-and-running-in-puget-sound\/","title":{"rendered":"Ameriquest "cutting and running" In Puget Sound"},"content":{"rendered":"

Props to reader seattle price drop<\/i> for spotting this story about Ameriquest Mortgage skipping town<\/a>:<\/p>\n

A banking giant shut down all of its branches in Western Washington on Tuesday, leaving thousands of local customers in the lurch, KIRO 7 Eyewitness News reported.<\/p>\n

Ameriquest Mortgage is closing 229 branches nationwide, including 26 branches in Washington state.<\/p>\n

Peter Demerick of Bremerton thought all he needed to do was fax his mortgage papers in to Ameriquest. But he didn’t expect to get a disconnected number, and now he’s still trying to get answers.
…
"This is absolutely crazy. Ameriquest is one of largest mortgage companies in the United States," he said.
…
Ameriquest is closing all 26 offices in the Puget Sound area. About 4,000 employees nationwide were let go Tuesday and told to take their belongings and go home.<\/p>\n

Demerick is sure his mortgage broker had no idea. "I’m sure he was totally shocked. If he knew about this yesterday, he was a great actor. At this point they’re cutting and running."<\/p><\/blockquote>\n

I expect we will see a lot more of this kind of thing in the coming years as real estate begins its decline.<\/p>\n

In other news, I caught this story via the 360Digest blog<\/a>:<\/p>\n

Homestore Inc. this week rolled out a new look for its Move.com home-search Web site, which features existing homes, new homes and properties for rent.<\/p>\n

Move reported a net loss of $2.04 million in the first quarter compared to a net loss of $395,000 in first-quarter 2005.<\/p>\n

The company reported that the quarterly loss is related to a new rule issued by the Financial Accounting Standards Board, which relates to public companies’ accounting of stock options. "Excluding stock-based compensation expense related to the adoption of (the rule), net income would have been $1.3 million for the first quarter of 2006," Move Inc. reported. Total operating expenses were $55.4 million in the first quarter, up from $44.3 million in first-quarter 2005.
…
Total revenue in the first quarter was $69 million, up 22 percent from first-quarter 2005.<\/p><\/blockquote>\n

Move.com<\/a> doesn’t have anything to do with the Seattle area, but I found the story interesting because their soon-to-be "Director of Consumer Innovations"<\/a> happens to be Dustin<\/a> of our favorite<\/i> local real estate blog, Rain City Guide<\/a>.<\/p>\n

(Alison Grande, KIRO 7<\/a>, 05.03.2006<\/i>)
(Inman News<\/a>, 05.03.2006<\/i>)<\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Props to reader seattle price drop for spotting this story about Ameriquest Mortgage skipping town: A banking giant shut down all of its branches in Western Washington on Tuesday, leaving thousands of local customers in the lurch, KIRO 7 Eyewitness News reported. 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